Having the payroll tax holiday instead of the stimulus was a recipe for disaster. Since this downturn people have been savings at a much higher pace and less has been making its way for loans. What we needed was an even bigger stimulus with fewer reductions in payroll taxes - which was part of the originals stimulus.
Cut in spending - would be counter productive in a downturn. Although in the long term it must be done - but let's overhaul taxes for special interests and refocus on getting jobs back to the US. If we can't get off oil and get more green jobs it won't matter as money will continue to hemorrhage out of the US.